STATE-RUN Pag-Ibig Fund has released P5.320 billion in housing loans to borrowers in key provinces in the Visayas as of October 2019.
That translated to a total of 4,287 housing units across the region.
Rio Teves, vice president for member services operations at Pag-Ibig Fund Visayas noted that the firm has continued to see more performing loans unlike years ago.
“We are now at 91 percent performing loans. Years ago, it was around 78 percent,” Teves said in a press conference Wednesday, Dec. 11, 2019.
The loan takeout value covered the provinces of Cebu, Samar, Leyte and Negros Oriental.
Wilmer Lizaran, department manager at Pag-Ibig Fund Visayas, noted that the loan takeout in the Visayas during the period has already exceeded its target by about 10 percent.
He said the takeout value was expected to reach P6 billion by the end of 2019 with a target of 5,026 housing units to be financed this year.
The sustained increase in the collection of members’ savings has helped keep the agency’s lending rates low.
Its loan rate remains the lowest in the market and has been in place since May 2017.
It also maintained its interest rates for loans up to P6 million under its regular housing loan program, where members may secure loans at a rate of as low as 5.375 percent per year.
Pag-Ibig Fund also has its subsidized rate of three percent per year under its affordable housing program offered to members earning not more than P15,000 a month for those within the capital region or those earning not more than P12,000 a month for those outside of the capital.
Teves also urged potential home buyers to participate in the agency’s public auction of its acquired assets.
Buying them, he said, would no longer ask from the buyers the necessary reservation fees and other costs that they need to pay when buying a brand new house.
According to Teves, Pag-Ibig’s Cebu hub currently has 3,285 foreclosed assets set for disposal to prospective buyers.
“This is the easiest way to buy a house,” he said.
The agency has set a public auction on Dec. 16, at its corporate tower in Cebu Business Park in Cebu City, where 74 acquired properties will be bid out.